For more on the story, see our SVB March update, but essentially:

• US regional banks, Silicon Valley Bank (SVB) and Signature Bank collapse unexpectedly - sending shockwaves through markets reminiscent of the GFC
• Regulators, with the approval of US President Joe Biden, step in with emergency provisions to restore confidence in the financial system and to protect depositors' money
• Fears of contagion risk appear to have been successfully mitigated for now.

Importantly, we have established that no active global manager on our approved list or that features in your investment portfolios, has any direct exposure to SVB.